How can tokenisation boost customer experience?
Tokenisation is a great way to keep customers’ details safe, secure and PCI compliant while also boosting the customer experience by making the shopping process more accessible and personal. The Valitor APEX (After Payment Emotional Experience) Report illustrates the importance of payment method choice for consumers. Our research shows that customers ranked having the right payment method available to them as more important than a company’s advertising or even the helpfulness of in-store staff. Tokenisation of customer data helps to meet this demand.
Tokenising involves replacing sensitive customer data with a ‘token’ or a unique identifier. This means that you can track a customer’s spending both online and offline to ensure a tailored service, and increased sales. Customers can be assured that their details are being kept safe, but also help them to have a more personalised experience while shopping.
It also allows retailers to create a complete view of customers by giving a better insight into their preferences and customs. This is important for all retailers, but especially for multichannel retailers who want to evolve into omni-channel businesses, as buying habits can be analysed from both in-store and online purchases.
Online shopping is made easier with tokenisation as it allows customers to log in to a website and have their banking and delivery details automatically completed; so the checkout process is as easy as selecting a product and clicking purchase. One-click checkout decreases the time spent filling in forms and reduces the chance of abandoned baskets — a win-win for both customers and retailers.
Tokenising customer data can also help provide personalised in-store experiences such as personal shopper or concierge services and tailored suggestions of relevant products and offers (in-person or with a smart-device).
Personalised product recommendations and offers increase the likelihood of further sales while also making service more consumer friendly. Customers respond better to targeted offers and products than general product recommendations since the experience is more personalised and puts the retailer ‘in-touch’ with their desires and needs.
Buying habits change over time but knowing and understanding these changes can provide real insight for creating the perfect targeted marketing campaign or curated product recommendations. Tokenisation enhances the experience of customers across all outlets and gives retailers the chance to build stronger ongoing relationships with consumers long-term. Ultimately leading to an increase in the number of sales, value per transaction and a reduction in the rate of attrition.
September 2, 2019